© Reuters. FILE PHOTO-Workers eliminate roots from onions priorto they are offered at a public market in Quezon City, Metro Manila, Philippines, February 9,2023 REUTERS/Eloisa Lopez/File Photo
By Neil Jerome Morales and Enrico Dela Cruz
MANILA (Reuters) -The Philippine economy grew at its slowest rate in almost 12 years in the 2nd quarter as high inflation and interest rates hurt customer need, lowering pressure on the main bank to tightenup financial policy evenmore.
Gross domestic item (GDP) increased 4.3% in the April-June quarter from the verysame duration last year, the weakest development because 2011, authorities information on Thursday revealed, and much lower than the 6.0% growth projection in a Reuters survey.
A contraction in federalgovernment costs after last year’s election-driven boost likewise dragged down GDP development, which lost more momentum after the previous quarter’s 6.4% speed and the December quarter’s 7.1% development rate.
On a quarter-on-qua